Contrary to what most people think, reverse mortgages have been around for decades in the United States. In fact, the first reverse mortgage was given by Deering Savings & Loan of Maine in 1961 to a woman named Nellie Young. 

Nationally, the growth of reverse mortgages was slow until 1988, when the Federal Housing Authority Insurance Program was signed into law. Under this law, the federal government, with the guidance of the AARP, initiated a reverse mortgage pilot program. 50 lenders nationwide were chosen to participate in this program, and in 1989, the first government-insured reverse mortgage was given. 

This program was such a success that in 1998, it was expanded to all lenders throughout the country. 

Since then, more than 1,000 lenders have written over 500,000 reverse mortgages, making these federally insured programs the most popular way for retired homeowners to access the equity in their homes. 

If you’re interested in learning more about reverse mortgages, TSIT has the experience to help you understand the options and find the reverse mortgage that’s specifically tailored to fit your financial needs.